RE:RE:It's all about Copper !Comparisons between exploration stage mines & operating mines are difficult, and probably help only a little when attempting to value a property like Casino.
Think of the difference in industrial terms. The operating mine is like a factory that has a track record of making & selling a product & the revenue stream it generates. There is little to no capital cost, expenses are paid from ongoing revenue. It's fairly simple to value the future cash flows, especially when the product is as fungible as copper. No threat of a competitor inventing "better" copper, so your future market is assured.
The exploration stage mine is like a brilliant person with a sure-fire idea & intellectual property to produce a product in the future. But no factory, no employees, no utility connections, no transport network to bring in equipment & supplies, and to ship products out. The question is: who believes in the idea & the person enough to pay for the chance to turn the idea into a factory?
At least in this case, we know the future product is an easy sell, no marketing worries. But it's just an idea with lots of data to back it up. No revenue stream. Much more difficult to place a value on, with so many tasks between now & revenue.
I'm just not sure there's much to learn from transactions involving producing mines.